News
Mixed forecast for FX
LONDON - Foreign exchange teams will avoid the worst of the job cuts in the City of London, although market sources warn no-one will be immune from redundancies.
Hotspot FX hires Asia sales head
SINGAPORE - Hotspot FX has appointed Trent Beacroft as head of Asia sales in Singapore.
The Bank of Korea offers competitive option swap facility
SEOUL - The Bank of Korea (BoK) is introducing a competitive auction swap facility today (October 20), to ease the recent foreign currency funding strains in the market.
BNP and Deutsche give homes to Lehman staff
LONDON - Not all Lehman Brothers' refugees have ended up at Nomura - BNP Paribas and Deutsche Bank have also stepped in to make hires.
Icap in central American venture
LONDON - Icap has partnered with the Central American Bank for Economic Integration (Cabei) to create a central clearing plaform for financial products in central America.
Nomura takes 150 Lehman refugees
LONDON - Richard Gladwin, former global head of foreign exchange at Lehman Brothers in London, is leading an exodus of the defunct bank's FX staff to Nomura, according to market sources in London.
FX traders exercise caution
GLOBAL - Traders worldwide continue to avoid dealing with each other, despite co-ordinated efforts by global central banks to ease the turmoil in the financial market through rate cuts and fund injections.
Caplin Systems a star onboarder
LONDON - Caplin Systems, a London-based web technology vendor, has signed two major European banks to its multi-asset trading platform, Caplin Trader.
Japan traders dump short yen positions
TOKYO - Japanese retail foreign exchange margin traders abandoned $16 billion worth of short yen positions within days last week, in a scramble to limit losses from unwinding carry trades.
Colombia fruitful for Citi settlement
BOGOTA & NEW YORK - Citi's Colombia-based domestic settlement service began settling more than $1.3 billion in FX trades daily in September, representing in excess of 80% of the Colombian wholesale FX market.
Liquidity drought hits ruble options
MOSCOW - Trading volumes released on October 9 show the global lack of liquidity took a serious toll on Russian ruble futures and options trading on the Russian Trading System (RTS), Moscow's international securities and derivatives exchange in September.
RBS's Lintern joins Standard Chartered
LONDON - Standard Chartered has appointed Philippe Lintern as co-head of flow foreign exchange options trading, where he will work alongside Singapore-based Fidelis Oruche.
JSE trades first $20m options contract
JOHANNESBURG - The Johannesburg Stock Exchange (JSE) has traded its first currency options contract with a notional value of $20 million.
JDFX gets smart with Kontrol
ZURICH - Foreign exchange trading company JDFX has capitalised on an increasing focus on risk management within financial markets by launching Kontrol, a system built to eliminate inefficiencies and dangers caused by calculating risk several times a day…
360T offers multi-leg swaps
FRANKFURT - Multi-dealer trading vendor 360 Treasury Systems (360T) is set to introduce multi-leg foreign exchange swap trading on its cross-product trading platform, 360T TEX, in response to client demand.
Króna in chaos during Iceland's meltdown
REYKJAVIK - Confusion reigned in Icelandic króna trading last week, as the country's central bank, Sedlabanki, abandoned its peg to a basket of nine currencies a day after it was effected.
Decline continues on Parker FX
STAMFORD, CT - The Parker FX Index made a loss of 0.73% in August, falling further from a negative 0.11% the previous month, as the sharp appreciation in the US dollar caught out 60% of managers.
FXMPG tackles FX practices
BRUSSELS - The Foreign Exchange Market Practice Group (FXMPG) plans to hold its first meeting in January, to begin establishing global market practice for foreign exchange activities.
Baxter enters algo execution
NEW YORK - Baxter Financial Services will add algorithmic execution features over its electronic communications network (ECN) Baxter FX by the end of the year.
$80bn bail-out likely in Asia
SEOUL - A group of Asian nations might be moving closer to creating a pool of rescue funds worth more than $80 billion, in a bid to resolve the short-term liquidity shortages plaguing the region, say analysts.
Korea's KEB begins trading on EBS
SEOUL - Interdealer broker Icap is deepening its footprint in the emerging markets, with Korea Exchange Bank (KEB) now using its spot-broking system, EBS.
Barclays integrates Lehman FX in US
NEW YORK - Barclays Capital announced last Tuesday (October 7) that it has fully integrated Lehman Brothers' US foreign exchange and commodities businesses under the Barclays Capital name.